The post Elon Musk’s Shocking Dogecoin Announcement Sends Shivers Through Community As Price Tumbles appeared on BitcoinEthereumNews.com.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Dogecoin’s price took a sharp downturn this week following a surprising update from Elon Musk that left much of the Dogecoin community dejected. The billionaire, known for his unpredictable influence on digital assets, especially DOGE, recently clarified the distinction between the Department of Government Efficiency (D.O.G.E.) and the meme coin, which seemed to undercut the lingering enthusiasm among investors. Unsurprisingly, the aftermath was immediate. Dogecoin’s price went on a brief decline, leading to questions as to whether the DOGE price can extend losses below $0.17. Musk Dashes Rumors About Government Involvement In Dogecoin The update came during a town hall hosted by Musk’s America PAC in Green Bay, Wisconsin. Responding to growing speculation around the Department of Government Efficiency and its potential ties to DOGE, Musk explained that despite sharing the same acronym as the meme coin’s ticker, the agency is entirely unrelated. According to him, the department is focused on improving the U.S. federal government’s efficiency by at least 15%. It will not be integrating Dogecoin or any other cryptocurrency into its operations for the foreseeable future.  His comments effectively shut down ongoing rumors that the department might boost Dogecoin adoption through official utility. Speculation intensified in February when the official website for the D.O.G.E. agency displayed the familiar Shiba Inu dog that represents Dogecoin. This generated intense excitement within the meme coin’s community and, in turn, caused the price to spike briefly.  Dogecoin has been steadily growing as the preferred crypto choice among retail investors. Had there been any connection between the meme coin and the D.O.G.E., it could have open up real-world use cases for the token and finally cause DOGE to push above its all-time high of $0.73. Musk’s latest clarification effectively dismissed…

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Filed under: News - @ April 2, 2025 11:26 pm